I mean I guess if you're the kind of person who likes to spend money on art. Maybe it's just me, I'm not on a vast wage and I have basically everything I want and money in the bank, I've always been good at managing my money so I probably just can't understand the mentality of someone being that careless and stupid with money. I'd have a £10m yacht, house and all my friends set up for life and I guarantee I'd die with at least £50m in the bank having lived a great life. I also completely understand that people tend to spend more as they earn more, so I suppose the kind of person who can't budget with a regular salary couldn't also budget with £100m
Guy wins $450 million on lottery.
- Thread starter jsmoke
- Start date
Love how you all speculate what you would, could or what would happen, but will never be in a position to have 140 million in the bank.
Fascinating, love GD
Basically everyone I've ever met does this
I didn't mean it in a funny way I just find it good how people veer off in different directions.
Man of Honour
I think you're missing the point. It's a different situation to having a "regular salary". You think you wouldn't fall for it all and end up bankrupt after winning a lot of money. As I said, I think the same thing. But so did most if not all of the people who did just that.
I am a minimum wage flunkey. I have everything I want and money in the bank despite having spent a relatively large amount on toys and unexpected required expenditure last year. Having £3000 spare money is a lot for a minimum wage flunkey. I can budget very well and I've been lucky. In particular, I was able to get a mortgage on a house ~20 years ago and looked for one in a decent neighbourhood that was still cheap (no conveniently local schools, crap parking, all terraced housing). I spend very little and consistently save £100 a month despite being a minimum wage flunkey. I have learned to budget very well.
However, I understand that has almost no relevance at all to suddenly having £100M. It's a completely different set of circumstances. It would impose change on you. The only question is how you would change. We all like to think we're wise enough to handle it, but many people who thought that were wrong. It's wise to acknowledge the possibility that you could mess it up as that's part of being able to avoid messing it up.
I would probably be fine because I am naturally a recluse. My lottery fantasy is my own little island, population 1. Not a tropical paradise island costing umpteen million for a few hundred square yards. Ideally, I'd like a small island just off the coast of England. I like living here. It's my home. Anyway...on my lottery fantasy island I wouldn't have much pressure or even opportunity to spend huge amounts of money. A few million for the island and a luxurious small house with lots of toys and I'd be sorted. Family members would get an income from secure investments, not just be handed cash willy nilly. Ex coworkers would get gifts (for tax reasons) and a "I HAVE ESCAPED!" blowout party. And hardly anyone would see me again. A visit to the mainland every few weeks for shopping and to say hello to a few people.
But I still acknowledge the possibility that I could mess it up and end up broke because I am not particularly special and many people who have suddenly acquired a lot of money have messed it up and ended up broke. Why would I be utterly sure I'd avoid it when they didn't?
As I said, most of you don't have a clue about these things as this shows. I know lots of hyper car owners (LA's, 918's, P1's etc etc) and lots of classic supercars (F40/50, 959 etc etc) as owners tend to not just buy one, I am sure eyedot can confirm this as I believe he likes his cars and will probably know some of the people I know. They have all pretty much made MILLIONS on these cars. Money usually needs real money to begin with, as these things show. It's people like the rest of us who try and have a go who take a bath usually, but when you can buy the very finest, because, you can buy the right cars at the right time and sell in the same way.
Going out an buying a 150K supercar is not what I am talking about here. Spending $2M and making that $10 within a year is what I am talking about. 10 years ago I would be able to secure a 917 for circa 1M. Today for the very best I would need 25M...maybe more.
I think you make a good point. A lot of people simply have no idea what to do with this sort of money as they not only haven't been exposed to the world of real money but more importantly they don't put value into it. Nothing wrong with that at all, each to their own. Money can make things easy, but outside of that it works in different ways to different people. It's not a motivation for many, they see having vast amounts of it as pointless and in truth they are 100% right.
Still would love it myself, but I get those who don't want, need or crave it and to give it away to good causes, well I could think of many worse things to do with it....though think of the Lego you could buy, those big Star Wars ones!!!!
Well that is my point, you'd would invest it, you would earn interest/coupon payments/dividends and indeed capital gains from a range of investments... I mean why wouldn't you invest it*?
There are however people who'd blow huge sums... it might seem silly when you put it into the context of spending 50k a week... but when you've got that much you can spend much more than 50k a week even if that seems like a ludicrous thing to do now... and the winner could easily be a chav.
Anyway there has already been an example of it all going rather wrong for a winner of an amount of that magnitude, someone else posted this link once before on here but it is worth a quick read if you're interested:
https://www.reddit.com/r/AskReddit/...a_656_million_dollar_lottery_what_do/chba4bf/
(or at least the portion of it that you don't initially blow on a nice house or houses and various cars/other toys - personally I think I could spend a very big chunk of it very easily, not that it would be wasted though as plenty of the big ticket items could well appreciate in value)
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Soldato
There is a very nice old refurbished farm house for sale on the edge of my town for £400K - I'd buy that. And I'd buy a new car, nothing exotic though, just a top spec run of the mill car.
Maybe go on a few holidays too but that is about it. I'd just enjoy not having to go work every day or wondering where my next meal is coming from. Probably spend every night in the clurb too and have an account with a local taxi firm to bring me home instead of walking as I do now.
Maybe go on a few holidays too but that is about it. I'd just enjoy not having to go work every day or wondering where my next meal is coming from. Probably spend every night in the clurb too and have an account with a local taxi firm to bring me home instead of walking as I do now.
Soldato
I reckon I could plough through that lot and have just enough left for a funeral.. Can't take it with you!
Boom. Easy!
Man of Honour
Hell,
Cars are safer and infinitely more fun that cash in the bank with FSCS only protecting the first £85k!
I bought my F40 and doubled my investment 18 months later having had 18,000 km of memories (some good, some bad) in it!
I know people who've put £5m in to supercars which are now worth £15m+ and they've had the memories to boot!
Adz is better placed than me on here to talk about supercar values and collections, but its missing the point..
Whilst wealth preservation is important, fun is a massive factor which shouldn't be overlooked!
As you say Housey, it's not something that's obviously logical, but once you've become exposed to the myriad of options available to you, very few people choose own brand cola!
Soldato
I think this comment perfectly summarises the fact that if you are wise and have a large amount of money to invest, you will always make money from it.